Market Highlights
Push buttons signaling devices are used to control and monitor equipment and machinery in industries, indicating audio-visual signaling notifications. The global push buttons & signaling devices market is growing continually. The market growth attributes to stringent industrial safety regulations and the rising adoption of Pushbutton signaling devices across the industrial verticals.
Besides, increasing safety concerns in food and beverages, chemicals and pharmaceuticals, and oil & gas industries drive the market growth. Also, the market seeks opportunities due to the reduced costs of LED lights. Moreover, the increasing demand for real-time monitoring of machinery escalates the market growth, encouraging manufacturers of push buttons & signaling devices to incorporate wireless connectivity in these devices.
According to Market Research Future (MRFR), the global Push Buttons & Signaling Devices Market is projected to create a valuation of USD 2,206.2 MN by 2023. In its recent COVID 19 analysis on the push buttons & signaling devices market, MRFR states that the market had valued at USD 1,654.0 MN in 2018, which is expected to grow further at approximately 5.1% CAGR during the forecasted period (2019–2024).
Additionally, the proliferation of LED lights encourages manufacturers of industrial signal lights and industrial warning lights to incorporate LED lights to minimize the manufacturing costs. On the flip side, high costs involved in the inspection and maintenance of these devices is a major factor estimated to impede the market growth. Nevertheless, the growing demand for push buttons & signaling devices in the automotive sector would support market growth throughout the review period.
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Regional Analysis
The market for push buttons & signaling devices is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of push buttons & signaling devices market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America is expected to dominate the push buttons & signaling devices market in terms of revenue during the forecast period. Also, the region witnesses a major concentration of manufacturing facilities in the US and Canada, resulting in the growth of the regional market. On the contrary, the Asia-Pacific region is expected to grow with the highest CAGR during the forecast period. Increasing adoption of automation and similar technologies in manufacturing plants has increased the demand for push buttons & signaling devices in the region. Moreover, government regulations favoring the safety of employees in developing countries including Taiwan, India, and South Korea is anticipated to fuel the market growth.
Key Players
The key players in the push buttons & signaling devices market size are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Eaton PLC (Ireland), Omron Corporation (Japan), Schneider Electric (France), Thomas & Betts Corporation (US), Robert Bosch GmbH (Germany), Rockwell Automation Inc. (US), Siemens AG (Germany), PATLITE Corporation (US), Potter Electric Signal Company LLC (US), Honeywell International Inc. (US), ABB Ltd (Switzerland), Emerson Electric Co. (US), GENERAL ELECTRIC (US), Koninklijke Philips Electronics NV (Netherlands), and Thales Group (France). The companies are focused on innovating their existing product portfolio as well as develop new products by investing in research and development to analyze the changing market trends.
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